Gas near $4.30 a gallon, nervous consumers and policy moves around refineries and pipelines are pulling U.S. energy infrastructure and refining stocks into the spotlight. Pricing pressure and policy noise can catch investors off guard, or open up chances others overlook. This article explains how that mix ties back to three stocks from our U.S. Energy Infrastructure & Refining screener that appear positively exposed to the latest headlines.
The three stocks below are a starting sample from this theme. The full screen surfaced 22 more U.S. energy infrastructure and refining companies with similarly detailed stories that are not covered here. To go straight to the full U.S. Energy Infrastructure & Refining Stocks list, use the U.S. Energy Infrastructure & Refining Stocks screener to identify, filter, and analyze the ideas that best fit your own conviction.
ONEOK (OKE)
Overview: ONEOK is a large U.S. midstream operator that gathers, processes, transports, stores, and exports natural gas, liquids, refined fuels, and crude, tying directly into the energy infrastructure and refining theme.
Operations: ONEOK generates about US$19.5b from Refined Products and Crude, US$16.1b from Natural Gas Liquids, US$7.5b from Natural Gas Gathering and Processing, with total revenue of roughly US$39.4b entirely in the United States.
Market Cap: US$60.4b
ONEOK offers investors direct exposure to the high-traffic plumbing of the U.S. fuel system, where refineries, pipelines, storage tanks, and export docks all meet high liquids demand and policy efforts to keep gasoline flowing.
"Growing exposure to export markets through the Texas City LPG export joint venture, which is being built for 200,000 barrels per day of capacity and is already 80% contracted with long term customers, is expected to increase export related fee income and support earnings and cash flow as volumes ramp."
What happens to ONEOK’s margins and cash generation depends heavily on how one unseen pressure in its capital and funding mix plays out.
That pressure point is exactly what the full ONEOK story tackles in the full narrative for ONEOK, including how funding choices could amplify or cap that export upside.
DT Midstream (DTM)
Overview: DT Midstream runs U.S. natural gas pipelines, storage and gathering systems that move fuel from producing regions to utilities, power plants and industrial customers.
Operations: DT Midstream generates about US$710 million from Pipeline and US$613 million from Gathering, with roughly US$1.3b of revenue entirely in the United States.
Market Cap: US$12.6b
DT Midstream matters for this theme because its pipes and storage yards sit on key routes that keep gas flowing when fuel prices, tariffs and policy decisions all push more attention onto domestic energy infrastructure.
"Robust, long-term growth in North American LNG exports, with DT Midstream's Haynesville system linked into Gulf Coast corridors where LEAP is already running at its 2.1 Bcf/d design capacity and can be expanded to 4 Bcf/d through looping and compression, points to further potential volume driven revenue and EBITDA as additional increments of capacity are commercialized."
What happens to DT Midstream’s cash generation hinges on whether one quietly critical expansion step continues to match the demand its pipes are pointing at.
That quiet hinge matters for DT Midstream, and the full narrative for DT Midstream explains how expansion pacing, contracts and balance sheet decisions could accelerate or stall that opportunity.
Hess Midstream (HESM)
Overview: Hess Midstream runs fee based gathering, processing, storage, terminal and export systems that move Bakken crude, gas and liquids across U.S. energy infrastructure.
Operations: Hess Midstream generates about US$858 million from Gathering, US$614 million from Processing and Storage, and US$142 million from Terminaling and Export, all in the United States.
Market Cap: US$6.3b
Hess Midstream matters for this theme because its pipes, plants and terminals collect and ship fuel that consumers rely on when gasoline stays expensive and policymakers push for secure domestic supply.
"Approximately 95% of 2026 revenues, declining to 90% in 2027 and 80% in 2028, are backed by minimum volume commitments, and about 85% of revenues are on fixed fees with inflation escalators supporting visibility for revenue and EBITDA even if Bakken production growth is limited."
What happens to Hess Midstream’s cash flow strength depends heavily on how a single contract and production assumption holds up over time.
That single hinge is exactly what the full narrative for Hess Midstream unpacks, separating temporary contract comfort from longer term cash flow risk and upside optionality for Hess Midstream.
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